Manhattan lodging index: Fourth quarter 2008

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Occupancy, ADR, and RevPAR growth decrease in 2008

After achieving record levels in 2007, Manhattan's occupancy levels declined in 2008, while growth in average daily rate (“ADR”) and revenue per available room (“RevPAR”) slowed substantially, primarily due to across-the-board declines in the fourth quarter.

For the year, Manhattan RevPAR increased 1.4 percent, due to a 2.5 percent increase in ADR off setting the effect of an almost full percentage point decline in occupancy over 2007.